The southern province of Binh Duong will attract an estimated 2.6billion USD in foreign direct investment (FDI) in 2012, far exceedingthe target of 1 billion USD, according to the provincial People'sCommittee.
Among the foreign firms to invest in the provincewas Japan 's Sai Gon Stec Co which spent 175 million USD onexpanding its factory to produce electronic circuit boards for camerasin the Vietnam-Singapore Industrial Park (VSHIP) II. This expansion hasraised the company's total investment in the province to 340 millionUSD.
Another Japanese enterprise, Wonderful Sai Gon Electrics,added 150 million USD to its hi-tech factory to produce camera modulesused in mobile phones, allowing it to turn out 245 million products eachyear. Sun Steel Co also expanded its operation in steel and corrugatediron with a capital supplement of 100 million USD.
New FDIregistered in the province also contributed to this year's boom. Over100 new projects, capitalised at 1.58 billion USD, were grantedinvestment certificates.
To date, the province has attracted 2,117 foreign-invested projects worth a combined capital of 17.3 billion USD.
"We have attempted to implement policies with a focus on developinginfrastructure and ensuring a skilled labour force to better facilitateforeign investors," said vice chairman of the provincial People'sCommittee Tran Thanh Liem.
In an attempt to continue thispositive trend, the province has set a target of attracting between1-1.2 billion USD per year until 2020 with a focus on countries such asJapan , the US and the EU.
According to financialanalysts, the strong inflow of FDI to Binh Duong, despite the globaleconomic difficulties, showed that the province had responded to demandsfrom investors for a safe and secure investment environment.
Binh Duong's high quality infrastructure and its provision of land are attractive to overseas investors, they said.
To date, the province has developed 28 industrial parks, covering atotal area of over 9,000ha, many of which have become well-known ininternational business circles, including VSIP, My Phuoc and Song Than.
While maximising its existing strong points, local authoritieshave realised that they need to pay more attention to improving localservices and the quality of its human resources as well as simplifyingadministrative procedures to make it easier for investors.-VNA
Among the foreign firms to invest in the provincewas Japan 's Sai Gon Stec Co which spent 175 million USD onexpanding its factory to produce electronic circuit boards for camerasin the Vietnam-Singapore Industrial Park (VSHIP) II. This expansion hasraised the company's total investment in the province to 340 millionUSD.
Another Japanese enterprise, Wonderful Sai Gon Electrics,added 150 million USD to its hi-tech factory to produce camera modulesused in mobile phones, allowing it to turn out 245 million products eachyear. Sun Steel Co also expanded its operation in steel and corrugatediron with a capital supplement of 100 million USD.
New FDIregistered in the province also contributed to this year's boom. Over100 new projects, capitalised at 1.58 billion USD, were grantedinvestment certificates.
To date, the province has attracted 2,117 foreign-invested projects worth a combined capital of 17.3 billion USD.
"We have attempted to implement policies with a focus on developinginfrastructure and ensuring a skilled labour force to better facilitateforeign investors," said vice chairman of the provincial People'sCommittee Tran Thanh Liem.
In an attempt to continue thispositive trend, the province has set a target of attracting between1-1.2 billion USD per year until 2020 with a focus on countries such asJapan , the US and the EU.
According to financialanalysts, the strong inflow of FDI to Binh Duong, despite the globaleconomic difficulties, showed that the province had responded to demandsfrom investors for a safe and secure investment environment.
Binh Duong's high quality infrastructure and its provision of land are attractive to overseas investors, they said.
To date, the province has developed 28 industrial parks, covering atotal area of over 9,000ha, many of which have become well-known ininternational business circles, including VSIP, My Phuoc and Song Than.
While maximising its existing strong points, local authoritieshave realised that they need to pay more attention to improving localservices and the quality of its human resources as well as simplifyingadministrative procedures to make it easier for investors.-VNA
